No, do not add a child’s name to the deed for your house! This can result in several unwanted consequences. First, you give up partial ownership of your house. If you want to sell it or get a loan against it, you need your child’s permission. Second, if your child has creditors coming after her, or your child has a court judgement against him, your house will be subject to their debts and liabilities. Lastly, there may be negative tax consequences for adding your child’s name to the deed for your house (see a qualified CPA for more on tax consequences). A better option is to set up a living trust, transfer you house to your trust, and name your child as the beneficiary of the house in your trust.
